Periodic disclosures – quarterly report


Paragraph 1 in Appendix 9B of the Main LR now requires a listed issuer to disclose a detailed analysis of the performance of all operating segments of the group setting out the material factors affecting the earnings and/or revenue of each segment for the current quarter and financial year-to-date. What is the extent of information required to be disclosed that would be considered as a “detailed analysis”?

In making the disclosure of a detailed analysis, a listed issuer must comment on the performance of each of its business activity (as segmented in the annual report) and the factors that resulted in the revenue or profits improving or declining as compared to the corresponding period. In this regard, the listed issuer’s board of directors should discuss, among others, the following factors:


the market condition and demand for its goods and services;


the level of its operating activities;


the factors or circumstances affecting the changes to the revenue, costs and profit margin of each business activity or segment;


any unusual or one-off gains/losses affecting the revenue or profit; or


any other information which can provide a better understanding of the listed issuer's performance.

A general statement that the revenue and profit for the period has increased or decreased by a certain percentage without any elaboration of the above factors is not acceptable.